World’s largest cryptocurrency, authorities and challenges

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Cryptocurrencies – FinanceBrokerage

The world’s largest cryptocurrency continues to dominate the headlines. No wonder, because Bitcoin is still one of the most popular cryptocurrencies worldwide. Interestingly, Bitcoin prices continued to fluctuate on Feb.24 as authorities in various countries raised concerns about the volatility of the digital coin.

As a reminder, after Bitcoin prices fell 22% on Tuesday from their record high of $ 59,294 on Sunday, they stabilized at around $ 50,568 on Wednesday afternoon.

It’s worth noting that the recent surge was sparked by endorsements from Silicon Valley as well as Wall Street. For example, Tesla purchased $ 1.5 billion worth of Bitcoin in January. Additionally, wider adoption by financial institutions like MasterCard, the Bank of New York Mellon, and BlackRock has further propelled the price.

This isn’t the end of the story as the uptrend has been put on hold this week. As a reminder, economic authorities and business people, even Elon Musk, CEO of Tesla, were skeptical. The situation regarding the world’s largest cryptocurrency in terms of market capitalization is quite complicated. For example, US Treasury Secretary Janet Yellen also expressed skeptical views on cryptocurrencies.

According to Yellen, it is a highly speculative good. In addition, she mentioned that it can be extremely volatile.

Bitcoin and South Korea

As mentioned earlier, the largest cryptocurrency has encountered certain issues. Interestingly, the Governor of the Bank of Korea also discussed cryptocurrencies. According to Lee Ju-yeol, there is no intrinsic value in crypto assets.

In addition, he said that cryptocurrency prices will be extremely volatile. It’s worth noting that the South Korean financial authorities are tightening cryptocurrency trading on many fronts and a new digital assets law will come into effect on March 25th.

For example, cryptocurrency exchanges will be subjected to a strict review by the regulatory authority from next year. The Financial Intelligence Unit searches for suspicious activity in the cryptocurrency market only through banks. However, the unit can directly monitor the exchange to identify illegal activity.

Bitcoin is one of the most popular cryptocurrencies in the world, and it is not surprising that the authorities are closely monitoring this cryptocurrency. However, there is no need to create additional challenges. Authorities should work with experts and crypto companies to find the best solution. In addition, it is desirable to partner with authorities from other countries to combat illegal activities. This makes it easier to identify such cases. Despite all the challenges, people are ready to buy Bitcoin.

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